On Wednesday, BMO Capital Markets updated its stance on Arvinas Inc. (NASDAQ:ARVN), increasing the price target to $90 from the previous $89, while reiterating an Outperform rating and the position of Top Pick for the stock. The adjustment follows Arvinas's announcement of its full-year 2023 results and the latest corporate developments.
Arvinas has reported progression in its phase 3 trials for Vepdegestrant, with the company confirming that the VERITAC-2 trial results are expected in the second half of 2024. Additionally, Arvinas is set to begin discussions with regulatory authorities about initiating a second-line Phase 3 trial for Vepdegestrant in combination with a CDK4/6 inhibitor and a new first-line Phase 3 trial using Vepdegestrant with Pfizer (NYSE:PFE)'s novel CDK4 inhibitor.
The company also plans to reveal Phase 2 dose-expansion data for ARV-766 in mid-2024. This update is consistent with the expectations set during its previous conference at the San Antonio Breast Cancer Symposium (SABCS).
BMO Capital Markets increase of Arivanas price target indicates an ongoing bullish view on the biotechnology company's shares. The firm maintained its Outperform rating and Top Pick status for Arvinas, underscoring its positive outlook on the company's growth prospects. Though a modest target price hike, BMO's reaffirmed confidence signals that it sees further upside potential for Arvinas driven by its robust pipeline and innovative PROTAC protein degradation technology platform.
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